The coronavirus pandemic has given many Americans more flexibility to work – and tens of millions are planning to relocate.
About 14 to 23 million households, or about 11.5%, said they plan to move to another city or region, according to a study from the Upwork labor market, with a higher percentage of residents in large cities (20.6%). ) say they plan to do it.
One of the biggest motivators for more than half of households is the desire to live in a house that is at least 1
“As our study shows, many people see remote work as an opportunity to move where they want and where they can afford to live,” said Upwork chief economist Adam Ozimek in a statement. “This is an early indication of the much greater impact that remote work can have on increasing economic efficiency and expanding opportunities.”
Most people also planned to move into a home two hours – or more – from their current location.
EXPENSIVE CITY EXIT LEADS TO MASSIVE RENTAL REDUCTIONS IN NEW YORK, SAN FRANCISCO
These trends could mean bad news for big cities like New York and San Francisco, but Ozimek said migration will lead to greater economic efficiency and equalization of opportunities in the United States.
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As previously reported by FOX Business, flights from San Francisco and Manhattan have led to an abundance of vacant apartments – which has caused rental prices to fall.
In San Francisco, the price of a one-bedroom apartment fell by more than 24% in September. In Manhattan, prices fell 15.4%.
In general, in the 100 largest US cities, average one-bedroom rents fell by 1% compared to the previous year for the same period.
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